For insurance companies, the overall lifetime value of the insurance customer varies based on the type of insurance, but one thing remains true: the odds are always in favor of the insurance company. A study showed – The property/casualty insurance industry alone spent over $6 billion on advertising in 2015, with GEICO the only brand to surpass the $1 billion mark. (Source: J.D. Power calculations based on S&P Global Market Intelligence Platform) That being said, a high level of skill is still needed to find the right customer. Here are a few marketing ideas for the insurance industry using geofencing solutions.
5 Marketing Ideas for the Insurance Industry
- Travel Insurance – Why not geofence the airport or hotels in cities heavy in tourism and hit travelers? Yes, travelers are already en route, but hear me out. If the most lucrative customer is someone that will use travel insurance a few times a year, then insurance companies should be targeting frequent travelers, not just those that book a trip every other year. Some Insurance companies of course are all ready doing this and using even deeper levels of targeting with data, but real-time location data is some of the best out there and can be combined with contextual campaigns to make campaigns even more relevant. An example of this would be parents of young children. Nothing can ruin travel plans faster than a sick kid, so travel insurance makes perfect sense for families gearing up for that spring break or summer vacation trip. Want to take it a step even further? Try geofencing swim schools in the spring months to hit parents waiting on their kids to finish swim lessons. Often times, parents put their children in swim lessons in the spring to get ready for a summer full of swimming at the beach or hotel pool.
- Auto Insurance – The time to start getting potential customers thinking about auto insurance isn’t after the car purchase, it’s before. To reach potential car buyers, try geofencing various new and used car dealerships. Another opportunity would be to geofence repair and body shops and of course, the DMV to reach those new drivers or ones making changes to their vehicles. Lastly, if your company offers discounts for certain companies or schools, geofencing those places to drive awareness among their employees or students about the discount could also increase participation.
- Rental Insurance – Placing perimeters around apartment complexes is a perfect way to get information to the right audience. But one audience that is often overlooked is the college student. By geofencing on-campus housing at colleges and universities, you can reach this audience of heavy mobile users who will likely be renting for the next few years or longer, depending on the city. Lastly, laundromats are another smart strategy. The primary customers at laundry facilities are also renters, and mobile use tends to be high while they wait on their clothes to dry.
- Health Insurance – The health insurance industry is constantly changing, and so are premiums. Placing geofences around co-working places such as We Work can reach entrepreneurs who are always on the hunt.
- Life Insurance – Most people buy life insurance after a life-changing event, but it’s not always possible or appropriate to market life insurance at that time. So life insurance companies have to get a little more creative. One idea is to target hospital employees because they’re more likely to understand the importance of having life insurance, due to their job, and are also typically health-minded individuals. Another strategy is geofencing Whole Foods or Fitness Centers and areas in near proximity. Typically, the more affluent shopper is also more health-minded and more likely to realize the benefits of life insurance.
These are just a sampling of marketing ideas for insurance companies. There are many more out there and some that have not even been thought of yet. Let us help you find the right audience for your product.